- Cardano (ADA), a major Ethereum (ETH) rival, marks a notable on-chain achievement as long-standing wallets reactivate, transacting the highest amount of ADA in over a year.
- Ethereum continues to gain strength with decreasing supply on exchanges and increasing social dominance, indicating growing investor confidence and attention.
Market intelligence entity Santiment has unveiled data revealing a noteworthy on-chain accomplishment for Cardano (ADA), a well-known competitor to Ethereum (ETH). In a recent dispatch on social media platform X, Santiment highlighted that Cardano has witnessed a surge in activity from older ADA wallets, marking the most significant movement of tokens in a span exceeding one year.
Cardano’s On-Chain Renaissance
This resurgence in activity not only signifies coins returning to circulation but also corresponds with affluent Cardano holders accumulating close to 44 million ADA tokens, equivalent to approximately $12.67 million, within a brisk two-week period. Articulating this phenomenon, Santiment stated,
“Cardano has hit a major dormant coin activity milestone. Monday observed the most substantial movement of older wallets transacting ADA since April 2022, denoting an influx of coins back into active circulation. Wallets holding amounts ranging from 100,000 to 10,000,000 ADA are once again in an accumulation phase.”
At the time of writing, Cardano is valued at $0.29.
Ethereum’s Strengthening Footing
Shifting the focus to Ethereum, Santiment’s data elucidates a fortifying trend for ETH. The analytics firm pinpointed a noticeable decrease in ETH’s supply held across crypto exchanges, coinciding with a robust upswing in its price. This pattern implies a burgeoning confidence among investors, translating to a propensity to purchase and hold ETH.
Adding another layer to Ethereum’s narrative, social dominance metrics, which quantify the share of discussions pertaining to a particular crypto asset on various social media platforms, are also experiencing a surge for ETH. Despite this uptick, these levels have not surpassed previous peaks, suggesting that there might still be room for growth in terms of public interest and discourse. At this juncture, Ethereum is trading at $1,809.
This comprehensive analysis of on-chain data from Santiment provides critical insights into the current state of both Cardano and Ethereum, offering the crypto community valuable information to navigate the intricate landscape of digital assets.
